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Shopify is the latest to cut stuff, announcing Tuesday it will will lay off . The Canadian e-commerce company’s CEO Tobi Lutke noted the company’s pandemic-driven expansions “didn’t pay off.” Roughly will be affected, according to The Wall Street Journal.
Most of the affected roles are in recruiting, support and sales, with a companywide focus on eliminating “over-specialized and duplicate roles,” Lutke said in a statement.
He acknowledged that Shopify made “a bet” by expanding its workforce as e-commerce shopping boomed with the COVID-19 pandemic and the withdrawal from physical retail shopping.
“It’s now clear that bet didn’t pay off. What we see now is the mix reverting to roughly where pre-COVID data would have suggested it should be at this point,” Lutke said in a statement. “Now, we have to adjust. As a consequence, we have to say goodbye to some of you Al Jazeera News Today and I’m deeply sorry for that.”
Over the past year, Shopify’s stock has declined by more than 80%.